The Republic of Korea-based Samsung Fire & Marine Insurance (SFMI) signed agreements to become a strategic investor of Petrolimex Joint Stock Insurance Company (PJICO) and to acquire 20 percent stake in the Vietnamese insurer in Hanoi on May 5.

PJICO Chairman Dinh Thai Huong said the contracts showed the company's appeal to foreign investors, particularly other insurers, adding that the deal with SFMI will stimulate PJICO's future growth.

SFMI Chief Executive Officer and President Min Soo Ahn said the cooperation is valuable to bilateral experience exchange and mutual development.

Attending the signing ceremony, Bui Ngoc Bao, Chairman of Board of Directors of the Vietnam National Petroleum Group (Petrolimex), said Petrolimex is committed to support PJICO in brand marketing and product distribution at over 2,400 gas stations across the country.

Petrolimex will facilitate the engagement between PJICO and SFMI to help PJICO build a strong brand in the Vietnamese non-life insurance market, Bao noted.

Petrolimex is among the three biggest shareholders of PJICO; the others are the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Vietnam National Reinsurance Corporation (VINARE). The three together account for 66 percent stake in PJICO.      

PJICO offers more than 100 services with 59 subsidiaries and more than 2,300 trading points across the countries.

It posted revenue at 600 billion VND (26.39 million USD) in the first quarter this year.

VNA